The nation’s historic budget deficit and escalating financial challenges as declining oil revenues and rising public debt costs may cause significant fiscal pressures heading into 2025
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The state-owned oil company owed 403 billion pesos to its contractors according to a Pemex financial report from 2024’s third-quarter
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Grupo Cotemar, a favorite contractor of Pemex, was previously involved in two Pemex accidents that resulted in the loss of nine lives
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According to the IEA’s “Oil 2024, Analysis and Forecast to 2040” report, Pemex has only produced an average of 1.5 million barrels of oil per day since February 2024
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The state-owned oil company highlighted that Mexico’s potential energy transition could see the nation phase out its hydrocarbon subsidies and halter Pemex’s ability to seek out and develop new oil deposits.
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This marks the first time Pemex’s public support has outpaced its contributions since 2020
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Mexico reportedly spent 2.319 trillion pesos during the first quarter of 2024 compared to its 1.867 trillion peso income during the period, said the Secretariat of Finance and Public Credit
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The move comes as the price of crude oil is projected to increase to $88 per barrel in 2024
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Mexican President Andrés Manuel López Obrador also confirmed that the Pemex refinery will begin production at the beginning of April
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As a result, Mexico only took in a total of 658.9 billion pesos in public revenue during the first month of 2024
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